Peace of Sacrifice, how do you celebrate this?

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President Aquino declared November 16 as national holiday to give way or respect the Muslim's important religious celebration "Eid al-Adha" (Festival of Sacrifice or Peace of Sacrifice). I think this is the first time the entire Philippines will have this as holiday so I'm curious how important is this to our Muslim fellows... Any story behind this and how do you celebrate it? What are the activities during this event? How does it differ from Ramadan? Thank you very much! ^_^